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we go over the fiscal cliff small business owners could see the tax rates rise to over 50 percent. >> it is eye popping isn't it. pray congress makes a deal to avoid going over the fiscal cliff. high income workers there will get more than 50 percent. it targets income brackets. state taxes went up. they are now higher than both new york city as well as hawaii. >> when it comes to jobs being added different numbers, 118,000. >> this is the first week of the month we get a lot of jobs data. storm event coming in when i say storm literally we will see the effects of super storm sandy. private job creation says businesses added 118,000 jobs in november. if it were not for sandy that number would have been north of 200,000. adt may have a stronger jobs report that's the big one economists look at. we expect 93,000 nonfarm jobs have been created last month. the numbers are weak and they suggest it's not just a storm but it is worried about the fiscal cliff holding businesses back from hiring. >> business owners and other people on e-mail which is most of us. when you are reading the e-mail
we go over the fiscal cliff small business owners could see the tax rates rise to over 50 percent. >> it is eye popping isn't it. pray congress makes a deal to avoid going over the fiscal cliff. high income workers there will get more than 50 percent. it targets income brackets. state taxes went up. they are now higher than both new york city as well as hawaii. >> when it comes to jobs being added different numbers, 118,000. >> this is the first week of the month we get a lot...
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Dec 4, 2012
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. >> the white house rejects a republican counter plan to avoid that "fiscal cliff." >> rates have to rise and the republicans need to acknowledge that. that's the only way to get from here to there. >> from across the bay to around the world -- >> obviously, you know, we want a family, so, uhm, you know, we have to start thinking about that. >> -- the stories that matter on "eyewitness news this morning." >> your realtime captioner: linda marie macdonald captions by: caption colorado comments@captioncolorado.com >>> good morning, it's tuesday, december 4. i'm michelle griego. >> hi, everyone. i'm frank mallicoat. it is 6:32. a huge pot bust at a home in east san jose. this morning neighbors reported a burglary happening at a home on the 1300 block of sandalwood court. when police got there they found the front door open. they entered the home and discovered an elaborate grow house there. we have live pictures of the house here. in fact, officers say there was no furniture inside the home at all just about 300 pot plants with a street value of $125,000. and because of all the chemical
. >> the white house rejects a republican counter plan to avoid that "fiscal cliff." >> rates have to rise and the republicans need to acknowledge that. that's the only way to get from here to there. >> from across the bay to around the world -- >> obviously, you know, we want a family, so, uhm, you know, we have to start thinking about that. >> -- the stories that matter on "eyewitness news this morning." >> your realtime captioner: linda...
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the fiscal cliff, and the american people will hold them responsible. democrats also take issue with the proposal's spending cuts to medicare and social security. republican counter that tough cuts are needed to tackle the soaring debt, leaving washington locked in a stalemate, less than a month before every american sees their taxes shoot up. the gridlock has irritated people outside washington, like deborah page of arlington, texas. >> if i was working the way the president and congress was working, i would probably lose my job. >> reporter: page started a petition that would cease paychecks and health benefits for all members of congress and president obama if they can't avoid the fiscal cliff. the petition's chances are slim. but it's a reflection of americans' frustration with 28 days left. rob and paula? >> tahman bradley live in washington today. thank you, tahman. >>> and as talks over the fiscal cliff drag on, a new poll finds that most americans do not think very highly of congress. one in ten americans rate the honesty and ethical standards o
the fiscal cliff, and the american people will hold them responsible. democrats also take issue with the proposal's spending cuts to medicare and social security. republican counter that tough cuts are needed to tackle the soaring debt, leaving washington locked in a stalemate, less than a month before every american sees their taxes shoot up. the gridlock has irritated people outside washington, like deborah page of arlington, texas. >> if i was working the way the president and congress...
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and timothy geithner has told the cnbc the swhous ready to go over the fiscal cliff if tax rates on the nation's wealthiest don't rise. dag gri announces the rate decision later about plus apple shares still down in frankfurt. and its shares of the chinese market drop in the third quarter. >>> deutsche bank has hit back at allegations of financial impropriety brought by three former employees. according to reports, the ex-deutsche workers have launched a complaint with u.s. authorities alleging the bank failed to recognize $12 billion in unrealized losses at the height of the financial crisis. they claim improper accounting on the part of the deutsche bank enabled the lender to exaggerate its capital position. and citigroup plans to shed 11,000 jobs around the world which equals around 4% of its workforce. some experts say this is part of a strategy led by their new coe who took job in october, however others say it has the finger prints of chairman michael o'neal. citi shares reacted positively to the news, though the stockstill trading at around 70% of its tangible book value. you can
and timothy geithner has told the cnbc the swhous ready to go over the fiscal cliff if tax rates on the nation's wealthiest don't rise. dag gri announces the rate decision later about plus apple shares still down in frankfurt. and its shares of the chinese market drop in the third quarter. >>> deutsche bank has hit back at allegations of financial impropriety brought by three former employees. according to reports, the ex-deutsche workers have launched a complaint with u.s. authorities...
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but does so without raising tax rates for top income earners. the president says that's unacceptable. >> we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> reporter: republicans, like rising star senator marco rubio, say raising taxes on the wealthy is the wrong approach. >> the tax increases he wants would fail to make even a small dent in the debt. it would hurt middle-class businesses and the people who work for them. >> reporter: so, that's the major holdup, taxes. republicans and democrats deeply divided. >> there's nothing going on privately that's not going on public. >> reporter: amidst the political posturing, there may actually be a chance for compromise on medicare. president obama says he's open to raising the age when seniors can start receiving benefits, from 65 to 67. according to one study, that would save almost $6 billion a year. president obama travels, today, to the business roundtable, where he'll address ceos of leading companies, folks who are closely watch
but does so without raising tax rates for top income earners. the president says that's unacceptable. >> we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> reporter: republicans, like rising star senator marco rubio, say raising taxes on the wealthy is the wrong approach. >> the tax increases he wants would fail to make even a small dent in the debt. it would hurt middle-class businesses and the people who work...
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Dec 3, 2012
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the president is answering questions about the fiscal cliff. how does that work? >> well, it's kind of interesting, andrea. we know that the white house has adopted a campaign-style way to sell the need to raise tax rates and generate more revenue from the wealthy. this is kind of in keeping of -- they have a couple minute video sent to reporters. this is another way to try and drive conversation via social media and amp up pressure on lawmakers to get republicans to capitulate. this is kind of one part i would say of a multi-front effort to adapt some of the tactics that clearly work for president obama in the campaign imported over to policy. they tried this with health care, andrea, back in 2009. it didn't work all that well. let's see if this operation works better. >> the other big twitter aannouncement today wa was @pontifx. the pope is going to start tweeting as of september 12th. >> he already has more followers than you and i and has been on for one day. >> it's amazing how things happen. >> god. >> back to the white house, jay carney said during the brie
the president is answering questions about the fiscal cliff. how does that work? >> well, it's kind of interesting, andrea. we know that the white house has adopted a campaign-style way to sell the need to raise tax rates and generate more revenue from the wealthy. this is kind of in keeping of -- they have a couple minute video sent to reporters. this is another way to try and drive conversation via social media and amp up pressure on lawmakers to get republicans to capitulate. this is...
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Nov 29, 2012
11/12
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we go over the fiscal cliff rates reset under bill clinton and you're negotiating a tax cut not a tax increase. other thing the way weight of public opinion since that level has moved strongly against republicans. look who the public says they're going to blame if we go over the cliff, it's republicans because they see them as having forced the issue last time around, been willing to do this this time around. one reason boehner is grumbly and nervous because he doesn't have any leverage. >> i want to point this out. this is interesting in terms of the smoke and mirrors how this will play out for the republicans. in the "wall street journal" they write obama's flexible on highest tax rates. white house's flexibility, described by bowls, confirmed by the administration officials, could envision tax rates -- tax rate increase from the current level but was less than clinton era levels. if the republicans can say, we cut taxes from where they were under clinton it gives them cover though rates may go up. a weird, if there is an act of kabuki theater that would be it, right. >> i see a par
we go over the fiscal cliff rates reset under bill clinton and you're negotiating a tax cut not a tax increase. other thing the way weight of public opinion since that level has moved strongly against republicans. look who the public says they're going to blame if we go over the cliff, it's republicans because they see them as having forced the issue last time around, been willing to do this this time around. one reason boehner is grumbly and nervous because he doesn't have any leverage....
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Dec 5, 2012
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but it's also important to remember that the fiscal cliff isn't only tax rates and spending cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if they can get past tax rates and spending cuts, then they will be able to deal with the peripheral issues. but we don't have much time. if a deal isn't reached or a framework isn't reached in the next week or, so it's going to be a big problem. >> all right, thanks for that. good to see you. > >>> nokia -- we'll tell you more when we come back in a few moments. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sal
but it's also important to remember that the fiscal cliff isn't only tax rates and spending cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if...
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Dec 7, 2012
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this supposedly is fiscal cliff related selling as shareholders worries that capital gains tax rates will be higher next year. >> still, financial planner sharon appleman says selling stock solely for tax reasons isn't the best idea. >> i definitely think it's a legitimate concern and can be an opportunity. and i would say if somebody was interested in reducing a physician any-- position anyway, that can certainly be a great time to do it, you know, why pay higher taxes in a few months time when you can pay a lower tax now. >> reporter: and some analysts say, before unloading the shares, consider that fundamentals for apple haven't really changed. sure, revenue growth may slow and margins may contract, and there are worries the tech giant will have trouble fending off competition from increasingly popular android products. but, to some analysts, the shares look especially cheap today, especially considering their move south since the september high. >> we think the smart phone trend is still in the early to middle innings and is not in the late innings yet. so we think, to the extent
this supposedly is fiscal cliff related selling as shareholders worries that capital gains tax rates will be higher next year. >> still, financial planner sharon appleman says selling stock solely for tax reasons isn't the best idea. >> i definitely think it's a legitimate concern and can be an opportunity. and i would say if somebody was interested in reducing a physician any-- position anyway, that can certainly be a great time to do it, you know, why pay higher taxes in a few...
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who will blink first on the fiscal cliff? not the obama administration as timothy geithner told cnbc, bring it on. >> is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. >> taxpayers might think that's easy for geithner to say. what about all those middle class families whose tax will go up more than $2,000 if, as geithner suggests, we take a dive off that cliff? even though president obama and john boehner chatted on the phone, there's still no deal. republicans are not amused. >> incredibly, many top democrats, including the president, seem perfectly happy. perfectly happy to go off the cliff. that's why the president has been more interested in campaign rallies than actually negotiating a deal. >> many americans don't have much hope the two side also come up with a deal. they've moved on already to plan b. the retired teacher in utah has put off plans to get a new car. brian chandler,
who will blink first on the fiscal cliff? not the obama administration as timothy geithner told cnbc, bring it on. >> is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. >> taxpayers might think that's easy for geithner to say. what about all those middle class families whose tax will go up more than $2,000 if, as geithner suggests, we...
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Nov 29, 2012
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he says because we're at the zero balance, interest rates were zero, the effect of the fiscal cliff is getting much worse than if the fed were not at zero. >> because they could do something. >> the only positive thing which dudley did not talk about but it is something that's on the radar is that, as the fiscal cliff fears rise, interest rates fall on the 10-year. so the effect the fed would have from easing is already in -- already happening as a market reaction. >> steve, thank you. >>> when jeff kilburg is not fired up about the irish he is fired up about what mr. dudley said today. why? >> absolutely. he came out with very dovish comments. he lass a permanent vote and he is quite the confidant of ben bernanke. so he flat-out gave a wink-wink, there's something big coming in less than two weeks. >> he's been a dove for a long time though. no change but just to hear it articulated gives you some sense of -- >> it does. this could be a one-two punch. if the fomc comes out with additional measures, subsequent week later, all of a sudden they have the fiscal cliff resolution, bam, we c
he says because we're at the zero balance, interest rates were zero, the effect of the fiscal cliff is getting much worse than if the fed were not at zero. >> because they could do something. >> the only positive thing which dudley did not talk about but it is something that's on the radar is that, as the fiscal cliff fears rise, interest rates fall on the 10-year. so the effect the fed would have from easing is already in -- already happening as a market reaction. >> steve,...
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cliff marker. >> if the administration, are they prepared to go over the fiscal cliff? >> absolutely. no prospect or agreement that doesn't involve those rates going on on the top 2%. remember, only 2%. >> reporter: that danger? not enough to keep congress in session. it's all right quit for the week. most lawmakers assume correctly there are bit players until there's a deal. that looks more complicated until mr. obama demanded republicans raise the debt ceiling this month without any spending cut strings attached. >> if congress in any way suggests they're going to tie negotiations to debt ceiling votes, and take us to the brink of default once again as part of a budget negotiation, i will not play that game. because we've got to break that habit before it starts. >> reporter: the president sees the fiscal cliff showdown as an opportunity to break that linkage for good. republicans say they will not increase the debt ceiling now $16 trillion and due to expire in february without more deficit reduction. >> history shows the only major deficit cutting deals we ever do ar
cliff marker. >> if the administration, are they prepared to go over the fiscal cliff? >> absolutely. no prospect or agreement that doesn't involve those rates going on on the top 2%. remember, only 2%. >> reporter: that danger? not enough to keep congress in session. it's all right quit for the week. most lawmakers assume correctly there are bit players until there's a deal. that looks more complicated until mr. obama demanded republicans raise the debt ceiling this month...
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in a fiscal cliff free fall, tax rates on capital gains could rise to 24%. those dividends could increase to a whopping 44%. here now is former reagan economic adviser art laugher. how can you have capitalism without capital and why is there a war on capital, that includes cap gains, that includes dividends which will triple. it also includes the estate tax. why is there a war on capital? >> i have no idea, larry. i think it's just pure politics. but it's sort of lovely the words and looking them up. i understand that the french don't have a word for entrepreneur or laissez faire. [ laughter ] >> because they never use it. >> they never use it. economics is all about incentives. if you tax people who work, you pay people who don't work, don't be surprised if you find a lot of people not working. it's the rich issue here, which is just fascinating to me. if you tax rich people and give the money to poor people, you're going to get lots and lots of poor people and very few rich people. just look at what happened in britain two years ago when gordon brown raise
in a fiscal cliff free fall, tax rates on capital gains could rise to 24%. those dividends could increase to a whopping 44%. here now is former reagan economic adviser art laugher. how can you have capitalism without capital and why is there a war on capital, that includes cap gains, that includes dividends which will triple. it also includes the estate tax. why is there a war on capital? >> i have no idea, larry. i think it's just pure politics. but it's sort of lovely the words and...
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let me play it. >> if there is no agreement, then the fiscal cliff has to be dealt with. i didn't see it if they decent this, we do that. i saw it as a statement of fact. it's not a threat. it's a prediction. if there's no agreement, we go over the cliff. let's hope we can have an agreement. >> what do you make of the way she put it? it's not a threat. she said, listen, these are the facts. >> nice little economy you have there. nice little economy you have there. it would be a shame it if anything happened to it. that's not a threat. look, we have to start looking at what happens if we do, in fact, go over the so-called cliff, and what happens is, you know, one thing is we take a huge bite out of the deficit. we do it in a crude may, and there would be immediate attempts to fix it and fine-tune it and take some back. some would probably get through. if you actually want to look at it from a policy standpoint, it may not be the worst possible option to just go over the cliff and then put back in the tax cuts and the spending increases or renewals that you'd like to put ba
let me play it. >> if there is no agreement, then the fiscal cliff has to be dealt with. i didn't see it if they decent this, we do that. i saw it as a statement of fact. it's not a threat. it's a prediction. if there's no agreement, we go over the cliff. let's hope we can have an agreement. >> what do you make of the way she put it? it's not a threat. she said, listen, these are the facts. >> nice little economy you have there. nice little economy you have there. it would be...
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cliff, to the democrats. here is what they considering, not only letting the top rate rise or finding an equal amount of taxes in other areas that would be the same effect. they considering a doomsday plan where house republicans would vote "present" on a bill that only extends the middle class tax cuts escaping blame for tax hikes on the 2 percent and wall street bigwigs are throwing in the towel and now calling the president's plan to hike taxes to the tune of $2.16 trillion double what originally called, credible. pore like incredible if you ask my next guests who are livid. michelle, what happened? >>guest: well, there is a reason why for some long the republicans are nicknamed the stupid party and the democrats are the evil party. there have been so many times the narrative that has been repeated over and over again where the republicans capitulate and rollover. what voters who did vote for house republicans to maintain their majority need to ask, and ask very loudly, what part of the mandate you did get
cliff, to the democrats. here is what they considering, not only letting the top rate rise or finding an equal amount of taxes in other areas that would be the same effect. they considering a doomsday plan where house republicans would vote "present" on a bill that only extends the middle class tax cuts escaping blame for tax hikes on the 2 percent and wall street bigwigs are throwing in the towel and now calling the president's plan to hike taxes to the tune of $2.16 trillion double...
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cliff budget negotiations that as of this hour are still focused entirely on income tax rates. there is much more that congress has to solve than income tax rates including the amt, medicare spending, medicaid, and possibly social security. joining me to talk about the things that congress is not yet talking about but will soon be talking about, joeyç reed and chris hayes. chris, the amt has a deadline to it that is sharper than anything else in here, because these 2012 tax returns going to have to be calculated with either this new version of the amt or the fixed version, and that is the difference between it affects -- it adds tens of millions of people getting bitten by this thing. i know that the insiders are more worried about that actually getting fixed than the cliff at this point. >> yeah. when i started covering capitol hill in washington, there were two things that people talked about, which was the amt patch and the dock fix. everyone is like where are we on the amt fix. they adjust the payments and do this thing with the amt. we were asking early on, is there a wa
cliff budget negotiations that as of this hour are still focused entirely on income tax rates. there is much more that congress has to solve than income tax rates including the amt, medicare spending, medicaid, and possibly social security. joining me to talk about the things that congress is not yet talking about but will soon be talking about, joeyç reed and chris hayes. chris, the amt has a deadline to it that is sharper than anything else in here, because these 2012 tax returns going to...
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especially if really things settle down in the fiscal cliff debate. >> this is countertrench rate. if you are doing a spread you want it to be a spread. the second thing is you don't want to risk a lot to make a little bit. mike is not doing that. he has almost a coin flip which is what you want to do. again, a counter trend trade. >> one more time here on the stocks versus options button. that could be priceless, as in you could lose all your money. shorting any stock carries unlimited risk. mike's call spread sale can make money and defines the risk to just $300. not bad. our thanks as always to carter braxton worth. got a question send us a tweet. the address is @cnbcoptions. we'll answer it in our web extra right after the show on our website you'll find trade updates and great trader blogs, as well. >>> coming up next which of these stocks do options traders see you paying a special dividend? scott nations will name names. here is what else is coming up. >>> you can call him an apple genius. mike's trade made money whether the stock went up, down or nowhere at all. how did he
especially if really things settle down in the fiscal cliff debate. >> this is countertrench rate. if you are doing a spread you want it to be a spread. the second thing is you don't want to risk a lot to make a little bit. mike is not doing that. he has almost a coin flip which is what you want to do. again, a counter trend trade. >> one more time here on the stocks versus options button. that could be priceless, as in you could lose all your money. shorting any stock carries...
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Dec 4, 2012
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cliff, tax rates go up not just for the rich but for the middle class, for everyone, all those cuts in domestic spending and naths security spending, they go into effect. people aren't going to be happy about that, and the president will be able to say, look, i begged them, i repeatedly said 98% of the american public, they wouldn't get a tax increase if we just took them out of the equation, let's pass legislation extending the bush tax cuts for everyone earning under $250,000 a year. they didn't do it. so, you know, he'll have some leverage on that in terms of the politics because politically, you know, the polls all are very consistent. the election results are pretty consistent. the american public is ready for a modest increase in taxes for the upper 2% of taxpayers. having said that, there's another issue that's coming up in february or march and that's raising the debt ceiling once again. the republicans have a lot of leverage on that right now because the white house, the administration will desperately want to raise that debt ceiling so the u.s. doesn't go into default. tha
cliff, tax rates go up not just for the rich but for the middle class, for everyone, all those cuts in domestic spending and naths security spending, they go into effect. people aren't going to be happy about that, and the president will be able to say, look, i begged them, i repeatedly said 98% of the american public, they wouldn't get a tax increase if we just took them out of the equation, let's pass legislation extending the bush tax cuts for everyone earning under $250,000 a year. they...
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it is because of the fiscal cliff, not because of the fiscal cliff, the fiscal clip could be play no role in this whatsoever. move on. fory's 30 mortgage rate rising to 3.34% and senator jim demint beating the senate to lead the heritage foundation. back in a moment. i ed to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares bylackrock. call 1-800-ishes for a prosctus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. every human being is unique. and there is one store that recognizes it. the sleep nuer store. the only place in the world you'll find the extraordinarily comfortable sleep number experience. an exclusive collection of innovations that totally individualize your sleep. perfectly comfortable pillows that adjust to your size and shape. temperature-balancing bedding. dual warmth comforter
it is because of the fiscal cliff, not because of the fiscal cliff, the fiscal clip could be play no role in this whatsoever. move on. fory's 30 mortgage rate rising to 3.34% and senator jim demint beating the senate to lead the heritage foundation. back in a moment. i ed to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their...
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with the fiscal cliff and tax rates rising, in november public companies borrowed reported amounts in the bond market in part to help finance shareholder payouts. so, how much in bonds was sold last month? find out next. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. it's just common sense. if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let'
with the fiscal cliff and tax rates rising, in november public companies borrowed reported amounts in the bond market in part to help finance shareholder payouts. so, how much in bonds was sold last month? find out next. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game...
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with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $4,000 would see an increase in $1,200 a year. incomes of $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett at the white house. major? >> reporter: scott, there there is a code of silence the white house and speaker boehner's try to apply to these phone conversations, releasing as few details as possible to protect the underlying negotiations. nevertheless, cbs news has learned the following: the speaker and the president spoke before treasury secretary tkpwaoeugter in'sers.e.c.geithner's comments about going over the cliff, the conversation was described as brief, meaning shorter than the 28-minute conversation speaker boehner and the president had last week. also those familiar with the conversation tell me -- or do not used a skwrebgive thes like
with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $4,000 would see an increase in $1,200 a year. incomes of $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett at the white house. major? >> reporter: scott, there there is a code of silence...
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. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff in. >> absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. it's only 2%. >> i want to bring in "usa today" bureau chief and welcome to both of you. where are we in these negotiations, susan? >> i think the most encouraging thing was they agreed to the to characterize the phone call. the last time around the characterization of the phone call became a controversy in itself. i think it's pretty clear that the white house and republicans think the white house hand on this is strengthening. we see the polls that you mention, pew polls this week say americans trust the president more, assume if a deal is not reached -- trust the white house more, think if a deal isn't reached it, will be the fault of republicans and it is in fact easier for democrats to go over the fiscal cliff than it is for republicans because then all those tax cuts from the republicans are swept away. but it's too early. it's only december 6. we've
. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff in. >> absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. it's only 2%. >> i want to bring in "usa today" bureau chief and welcome to both of you. where are we in these negotiations, susan? >> i think the most encouraging thing was they agreed to the to characterize the phone call. the last...
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president obama says no deal on the fiscal cliff. >> how does raising tax rates on the rich help the poor. that is what i don't get. true free market capitalism helps everybody. a rising tide lifts all boats. i'm laugrry kudlow we will be right back. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >> whow does taxing the rich hep the poor rise above poverty and get a job? let's talk to larry elder. he is the author of the great book, "dear father dear son". welcome back. how does taxing successful wealthy people help the poor get out of poverty. well for people who think like i think it doesn't make any sense. but understand something, that is not what this is all about. t
president obama says no deal on the fiscal cliff. >> how does raising tax rates on the rich help the poor. that is what i don't get. true free market capitalism helps everybody. a rising tide lifts all boats. i'm laugrry kudlow we will be right back. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best...
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the so-called fiscal cliff is really all about the obama ultimate may tum. >> i'm not going to sign a package that somehow prevents the top rates from going up for folks at the top 2%. lou: president's ultimatum and his insistence on higher taxes may take us over the cliff. chris and steven next. the next scott walker? michigan's republican governor ready to do plitical battle with organized labor in his state. what about a right to work law? straight ahead. [beep] [indistinct chatter] [kids talking at once] [speaking reign language] [heart beating] [heartbeat continues] [faint singing] [heartbeat, music playing louder] ♪ i'm feeling better since you know me ♪ ♪ i was a lonely soul, but that's the old me... ♪ announcer: this song was created with heartbeats of children in need. find out how it can help frontline health workers bring hope to millions of children at everybeatmatters.org. lou: the staffs of both president obama and house speaker boehner are talking, but there is still no word of progress on the so-called fiscal cliff or the president's ultimatum. silence indicate
the so-called fiscal cliff is really all about the obama ultimate may tum. >> i'm not going to sign a package that somehow prevents the top rates from going up for folks at the top 2%. lou: president's ultimatum and his insistence on higher taxes may take us over the cliff. chris and steven next. the next scott walker? michigan's republican governor ready to do plitical battle with organized labor in his state. what about a right to work law? straight ahead. [beep] [indistinct chatter]...
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cliff. earlier today, president obama brought the debt ceiling debate, or would be debate into the picture. it feels like a lot of the work that you do -- people say okay, we spent 100 grand on this or maybe watching the shrimp on a treadmill. it's not a big deal. >> is a big deal because the way you eliminate a trillion dollar deficit is a billion dollars at a time. the wavy you get a billion dollars is 100 million or $10 million at a time. so what is our excuse? can we say that it is okay to waste money and hundreds of thousands of small areas that add up to trillions of dollars? or do we have to look at big areas? what i would put forward is congress isn't doing their job and how they write it and oversight it. i still pick up any of my feet on the ground because the penny is were 3.5 cents. anyone in america who is struggling today, we don't have the luxury of ignoring stupidity and waste anymore. charles: i have less than a minute. i have to squeeze this in here. you think we could be a
cliff. earlier today, president obama brought the debt ceiling debate, or would be debate into the picture. it feels like a lot of the work that you do -- people say okay, we spent 100 grand on this or maybe watching the shrimp on a treadmill. it's not a big deal. >> is a big deal because the way you eliminate a trillion dollar deficit is a billion dollars at a time. the wavy you get a billion dollars is 100 million or $10 million at a time. so what is our excuse? can we say that it is...
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will the white house let our economy go over the fiscal cliff if a deal on higher tax rates for the wealthy is not reached? we're checking it out. back in a moment. [ male announcer ] research suggests cell health plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health concerns as we age. it has 7 antioxidants to support cell health. one a day men's 50+. it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. >>> welcome back. this very public negotiation on the fiscal cliff still does not seem to be closing in on a deal. the white house out in campaign style events regularly, making multiple media appearances, kle including timothy geithner right here in 25 minutes. >> but would things be done faster if it was done privately? in his latest column, jeff goldfor a compares u.s. budget talks to merger proxy battles. jeff joins us to explain about that. plus, we have bob from
will the white house let our economy go over the fiscal cliff if a deal on higher tax rates for the wealthy is not reached? we're checking it out. back in a moment. [ male announcer ] research suggests cell health plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health concerns as we age. it has 7 antioxidants to support cell health. one a day men's 50+. it's easy to follow the progress you're making toward all your financial goals. a...
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. >> with no breakthrough today, fiscal cliff negotiations, could this be a starting pot? "outfront" republican congressman james lankford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. appreciate you're taking the time. what about this idea of racinin taxes on everyone? the math works much better. >> i heard your lead in when you said this is a new idea. actually, it's not a new idea, there are several democrats who have floated that for a while. the code word is we want to go back to the clinton tax rates and talk about the clinton economy that we had a much more vigorous economy and growth and we should go back to the clinton tax rates. what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slouw dow the economy. it would. there's no question about it. but if the problem is that we hav
. >> with no breakthrough today, fiscal cliff negotiations, could this be a starting pot? "outfront" republican congressman james lankford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. appreciate you're taking the time. what about this idea of racinin taxes on everyone? the math works much better. >> i heard your lead in when you said this is a new idea. actually, it's not a new idea, there are...
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cliff. let's get straight to the politics of these developments and the rhetoric and possible economic impact of failureto resolve the issues. joining as, former spia assistant to president george w. bush, a veteran political consultant and republican pollster. let's tart, if i may, with you. do you think both sides right now are seriously ready to go over the cliff? >> i think the preside i very ready because they arereading into this election last month a mandate that i simply don't see. the president got 15 million americans to vote against him which fail to produce any type of meaningful budget in his democratic controlled snate. we are at the disco club because of the president's inability to ev a single-day tackle entitlement reform and take it seriously talk about tax reform instead of tax hike so i think the way to have honest good faith initiations is to come to the table closer together. lou: before we restructure negotiations that act have not taken place, the republican side of t
cliff. let's get straight to the politics of these developments and the rhetoric and possible economic impact of failureto resolve the issues. joining as, former spia assistant to president george w. bush, a veteran political consultant and republican pollster. let's tart, if i may, with you. do you think both sides right now are seriously ready to go over the cliff? >> i think the preside i very ready because they arereading into this election last month a mandate that i simply don't...
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is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again, there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans -- rr s -- rrm, it'emy 2%, it can't be solved. i think there's broad recognition of that reality now. >> okay, julia. see, this is the problem with men. on sunday morning geithner went on "meet the press" like they're going to cave. >> that's not good tactics for negotiations. >> get him out and get some women -- the congresswoman we had on the other day, the republican congresswoman, mcmorris rogers. sorry about that, really tired, she's fantastic. get her at the table more. get more women to the table because that's just not the way to negotiate. i agree with the administration's position on this. >> the treasury secretary yesterday goes oh, yeah. we can go over the fiscal cliff. >> don't you think that's going to make everybody feel really good, the markets. >> the republicans are doing the same thing. somebody has to be better. >> but the republicans don'
is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again, there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans -- rr s -- rrm, it'emy 2%, it can't be solved. i think there's broad recognition of that reality now. >> okay, julia. see, this is the problem with men. on sunday morning geithner went on "meet the press" like they're going to cave. >> that's not good tactics for...
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you guys are willing to go off the fiscal cliff? >> it republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a the a time when the american economy was doing exceptionally well, then there will not be an agreement. >> while geithner was drawing a line in the sand, house speaker john boehner was busy trying to lift his jaw off the flar after geithner presented the president's debt reduction plans to him last week. >> i was just flabbergasted. i looked at him and said you can't be serious. i have just never seen anything like it. >> yes, indeed, it seems that republicans are not quite sure what to make of the president taking a harder line across the bargaining table. >> you know, the president's idea of a negotiation is roll over and do what i ask. >> i think we're going over the cliff. it's pretty clear to me they made a political calculation. the president's plan is just, quite frankly, a joke. >> i'm not sure about that, senator graham, but there will be plenty of time for jok
you guys are willing to go off the fiscal cliff? >> it republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a the a time when the american economy was doing exceptionally well, then there will not be an agreement. >> while geithner was drawing a line in the sand, house speaker john boehner was busy trying to lift his jaw off the flar after geithner presented the president's debt reduction plans to him last week. >> i was...
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they also spoke about the fiscal cliff today. the president said republicans might be willing to agree to higher tax rates on the wealthy in january. then the house speaker called on the obama administration to respond to the republicans' deficit reduction proposal that was released earlier this week. president obama is at 9:00 eastern and then speaker boehner. at the museum today, florida senator marco rubio sat down with michaelen of "politico." he answered questions about the fiscal cliff. republican outreach to hispanic voters and a potential campaign for president. this is 45 minutes. [applause] >> thank you very much. you had a late night. >> not really. >> is bob still here? what would you like to ask senator rubio? [laughter] >> are you still doing this? >> ask him a real question. this is a great chance. >> last night you talked about a new direction for the republican party. and one of the things that you talked about is education. and how to make higher education cheaper, how to reform pell grants. what will be the num
they also spoke about the fiscal cliff today. the president said republicans might be willing to agree to higher tax rates on the wealthy in january. then the house speaker called on the obama administration to respond to the republicans' deficit reduction proposal that was released earlier this week. president obama is at 9:00 eastern and then speaker boehner. at the museum today, florida senator marco rubio sat down with michaelen of "politico." he answered questions about the...
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the so-called fiscal cliff is really all about the obama ultimate may tum. >> i'm not going to sign any package that somehow prevents the top rates from going up for folks at the top 2%. lou: president's ultimatum and his insistence on higher taxes may take us over the cliff. chris and steven next. the next scott walker? michigan's republican governor ready to do political battle with organized labor in his state. what about a right to work law? straight ahead. the boys use capital one venture miles for thr annual football trip. that's double miles you can actually use. tragically, their ddy got sacked by blackouts. but it's our tradition! that's roughing the card holder. buwith the capital one venture card you get double miles you can actually use. [ cheering ] any flight, anytime. the scoreboard doesn't lie. what's in your wallet? hut! i have me on my fantasy team. if you're a man with low testosterone, you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron is not for use in women or anyone younger than 18. a
the so-called fiscal cliff is really all about the obama ultimate may tum. >> i'm not going to sign any package that somehow prevents the top rates from going up for folks at the top 2%. lou: president's ultimatum and his insistence on higher taxes may take us over the cliff. chris and steven next. the next scott walker? michigan's republican governor ready to do political battle with organized labor in his state. what about a right to work law? straight ahead. the boys use capital one...